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New VAT deferral payment scheme announced

By RJP LLP on 30 November 2020

One aspect of the Chancellor's Winter Economy Plan that has not been postponed is the VAT deferral scheme. According to this, if your business deferred VAT between 20 March and 30 June 2020 and still has payments to make, you can opt to pay off the deferred VAT in instalments.

Businesses can choose between 2 and 11 monthly instalments payable by 31 March 2022. This deferment scheme is available interest-free and payments should be made via Direct Debit.

Here are further details of the VAT deferral payment scheme, which have recently been released:

  • The online opt in process will become available from early 2021;
  • Businesses will need to opt in directly with a Government Gateway account - accountants and tax advisers are not able to do so on their client's behalf.

If you need any support preparing for the scheme, RJP can assist you. We will notify you when further details are announced.

Please get in touch with any queries, or to discuss any other VAT issues with us, by emailing partners@rjp.co.uk.

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31 January 2021 - Submit your self assessment tax return and pay tax due

Don’t forget the deadline for sending in your self assessment tax return and making tax payments. You may be able to agree a Time to Pay schedule with HMRC depending on your circumstances and pay in instalments. Talk to us and we can help you prepare your tax return and advise you on the best options for deferred payments.